Donald Trump allegedly told the porn actress Stormy Daniels in a hotel room in Lake Tahoe in 2006. “After that proposal, you will be able to go on [The Celebrity Apprentice] as Daniels told Anderson Cooper on 60 Minutes on Sunday night, she went to the bathroom, and when she came out, Trump had relocated herself to the end of the bed. It was clear, she said, what she assumed would happen next.
DeYoung also argues that most payday borrowers know exactly what they’re getting into when they sign up; that they’re not unwitting and desperate people who are being preyed on. He points to a key piece of research by Ronald Mann; That’s another co-author on the New York Fed blog post.
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CHRISTOPHER WERTH: Right. Well, it’s a non-profit watchdog, relatively new organization. Its mission is to expose corporate and political misconduct, primarily by using open-record applications, such as the Freedom of Information Act or FOIA applications, to produce evidence.
That makes plenty of sense in theory. Payday lending in its most unfettered form seems to be ideal for neither consumers nor lenders. As Luigi Zingales, professor at the University of Chicago, told a group of finance professionals in a speech speech last year, “The effective outcome can not be achieved without mandatory regulation.” One controversy is whether the office, in its zeal to protect consumers, is going too far. Under the plan it is now considering, lenders would have to make sure that borrowers can repay their loans and cover other living expenses without extensive defaults or reborrowing. These actions would really seem to curtail the possibility of people falling into debt traps with payday lenders. But the industry argues that the rules would be put out of business. And while a self-serving howl of pain is precisely what you would expect from any industry
One problem with the payday-lending industry-for regulators, for lenders, for the public interest is that it defies simple economic intuition. For instance, in most industries, more competition means lower prices for consumers. That maxim certainly helped guide the deregulation of the fringe lending business in the 1990s and some advocates still believe that further deregulation is the key to making payday loans affordable. Yet there is little evidence that a proliferation of payday lenders produces this consumer-friendly competitive effect. What’s the difference: There are more than double-paid loans in those states (Idaho, South Dakota, Texas, and Wisconsin). by residents of some other states, according to Pew. In the state where the interest rate is capped, the rate that payday lenders charge gravitates right to the cap. “In the race to the lowest rates, it’s a race to the highest rates,” says Tom Feltner, director of financial services at the Consumer Federation of America.
There are plenty of takeaways from Daniels’s 60 Minutes interview. There’s the fact that Daniels said someone threatened her safety in front of her daughter in a parking lot in Las Vegas in 2011, telling her to “Leave Trump alone-forget the story.” There’s Cooper’s second focus on campaign-finance law, and how Trump and his lawyer Michael Cohen may have broken it with the $ 130,000 payment Daniels says Cohen gave him. There’s Daniels’s firm repudiation of anyone who suggests that she’s a victim in this situation.
DeYOUNG: Well, in a short sentence that’s very scientific I would start by saying, “Let’s not throw the baby out with the bathwater.” The question comes down to how we identify the water here and how do we identify the baby here. One way is to collect a lot of information, as the CFPB suggests, about the creditworthiness of the borrower. But that brings up production cost of payday loans and will probably put the industry out of business. But I think we can all agree that once someone pays a fee in an aggregate amount equal to the amount that was originally borrowed, that’s pretty clear that there’s a problem there.
USA Today tallied the heavy-handed Trump litigation strategy back in June 2016. Over three decades, Trump fought 3,500 lawsuits-and faced 200 mechanic’s-mostly arising issues from disputes over unpaid bills. His strategy was to contest everything, and never quit: “The Trump teams financially overpower and outlast much smaller opponents, draining their resources. Some just give up the fight, or settle for less; some have ended up in bankruptcy or out of business altogether. ”
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That does sound sound, does not it? A typical credit card rate is around 15 percent, maybe 20 or higher if you have bad credit. But to the payday-loan industry, a proposal of 36 percent is not reasonable at all.
Later on, the payday lenders gave Mann the data that showed how long it really took those exact customers to pay off their loans. About 60 percent of them paid off the loan within 14 days of the date they were predicted.
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WERTH: So, what did Fusaro do when he set up a randomzed control trial where he gave a group of borrowers a traditional high-interest-rate payday loan and then gave another group of borrowers no interest rates on their loans and then he compared the Two and he found out that both groups were just as likely to roll over their loans again. And we should say, again, the research was financed by CCRF.
Azlinah Tambu, a twenty-two-year-old single mother who lives in Oakland, California, recently found herself in a tough spot. Her car had broken down, and she needed to drop her off at work and to get to work. Tambu, an upbeat woman with glossy black hair and dazzling eyes, did not have the money for the repairs. She had no savings and credit card; she had no family or friends who could help her. So she took out five payday loans from five different payday lenders ranging from fifty to five dollars to three hundred dollars each. The fee to get the loan was fifteen dollars for each hundred dollars borrowed.
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Maybe that’s about as good as it gets on the fringe. Outrage is easy, and outrage is warranted-but maybe payday lenders should not be its main target. The problem is not just that people who desperately need a $ 350 loan can not get it at a affordable rate, but that a growing number of people need that loan in the first place.
WINCY COLLINS: I advise everyone, “Do not even mess with those people. They are rip-offs “I would not go back again. I do not even like to walk across the street past it. That’s just how pissed I was, and so hurt.
A Review of the Department of Defense’s Report on Predatory Lending Practices Directed at Members of the Armed Forces and Their Dependents, hearing in the U.S. Senate Committee on Banking, Housing. & Urban Affairs, (September, 2006).
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There’s one more thing I want to add to today’s discussion. The payday-loan industry is, in a lot of ways, a simple target. But the more I think about it, the more it looks like a symptom of a bigger problem, which is this: remember, to get a payday loan, you need to have a job and a bank account. So what does it say about an economy in which millions of working people make so little money that they can not pay their bills, that they can not absorb one hit like a ticket for smoking in public?
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DEYOUNG: Oh, I think that our history of usury laws is a direct result of our Judeo-Christian background. And even Islamic banking, which follows in the same tradition. But clearly interest on lent or borrowed money has, has been looked at non-objectively, let’s put it that way. So the shocking APR numbers if we apply them to rent a hotel or rent a car or lend your father’s gold watch or your mother’s silverware to the pawnbroker for a month, the APRs come out similar. So the shock from these numbers is, we recognize the shock here because we are used to calculate interest rates on loans but not interest rates on anything else. And it’s human nature to want to hear bad news and it’s, you know, the media understands this and so they report bad news more often than good news. We do not hear this. It’s like the houses that do not burn down and the stores that do not get robbed.
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In a high-education system that is often divided between two and four-year colleges and further segregated between elite and nonelite institutions, it’s not often that a college college is mentioned in the same breath as the Ivy League campus. Nor is a two-year college as a training ground for jobs in the so-called creative economy, which includes industries such as design, fashion, and computer gaming that typically require bachelor degrees.
The Military Lending Act Five Years Later: The High-Cost Small Dollar Loan Market, and the Campaign against Predatory Lending, by Jean Ann Fox, Consumer Federation of America (May, 2012).
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Fulmer says that payday-loan interest rates are not almost as predatory as they seem, for two reasons. First: When you hear “400 percent on an annualized basis,” you might think that people are borrowing the money for a year. But these loans are designed to be held for just a few weeks, unless, of course, they get rolled over a bunch of times. And, reason number two: because payday loans are so small – the average loan is about $ 375 – the fees need to be relatively high to make it worthwhile for the lender. For every $ 100 borrowed, Fulmer says, the lender gets about $ 15 in fees. So, capping the rate at an annualized 36 percent just would not work.
Freakonomics Radio is produced by WNYC Studios and Dubner Productions. Today’s episode was produced by Christopher Werth. The rest of our staff include Arwa Gunja, Jay Cowit, Merritt Jacob, Greg Rosalsky, Kasia Mychajlowycz, Alison Hockenberry and Caroline English. Thanks also to Bill Healy for his help with this episode from Chicago. If you want more Freakonomics Radio, you can also find us on Twitter and Facebook and do not forget to subscribe to this podcast on iTunes or anywhere else you get your free, weekly podcasts.
MANN: The data really suggests that there is a relatively small group of borrowers, in the range of 10 to 15 percent, who had been extremely
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MANN: And if you went to the counter and asked for a loan, they would hand you this sheet of paper and say, “If you’ll fill out this survey for us, we’ll give you $ 15 to $ 25, “I forget what one was. And then I get the surveys sent to me and I can look at them.
can evade it that easily.
When California borrowers default on their loans, lenders do not have much recourse to collect on the debts. Borrowers sign an agreement when they apply for a loan; The lender can not take them to court. One of Tambu’s lenders did harassing his phone calls, a violation of federal law, but Tambu knew her rights. “I’m not stupid,” she told me. “I knew they could not take me to court.”
Ally Hockenberry, Arwa Gunja, Barack Obama, Bill Healy, Bob DeYoung, Caroline English, Christopher Werth, Diane Standaert, Donald Morgan, Elizabeth Dole, Greg Rosalsky, Hilary Miller, Jamie Fulmer, Jay Cowit, Jonathan Zinman, Kasia Mychajlowycz, Marc Fusaro, Merritt Jacob, Patricia Cirillo, Pew Charitable Trusts, President Obama, Ronald Mann, Scott Carrell, Sebastian McKamey
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